There aren't any plans for financial advisers to be sued in the class action. "The class action will seek the recovery of the conflicted charges plus interest on behalf of affected members of the MLC Super Fund," William Roberts Lawyers said.

From July 2013, the Future of Financial Advice Reforms has banned so-called ‘conflicted charges’, being commissions and other payments to financial advisers that could reasonably influence the advice given to retail clients.

Under ‘grandfathering provisions’ of the FOFA Reforms, certain commissions or other payments to be made under an arrangement entered into prior to 1 July 2013 were excepted from the ban.

The class action lawyers allege that the decision by NULIS (which became trustee for the MLC Super Fund in mid-2016) to maintain the payment of conflicted charges constituted a breach of its duty to act in the best interests of members of the fund.